RISE IN PROFITS

Gisborne Herald, Volume LXVI, Issue 20037, 8 September 1939, Page 12

RISE IN PROFITS

ADAIR BROS. LIMITED ANNUAL report issued 5 PEE CENT DIVIDEND A satisfactory remit from the year's trading i? revealed in the annual renort and balance sheet of Messrs. Adair Bros.. Limited, winch tins been distributed to sharcholdeis. There was a marked improvement in the -business done as compared with the 1937-33 period, the net profit being higher after providing for hie-her wages and expenses against the gross profit, and making lull Mlnwr'ace for depreciation, bad and doubtful debts, ..and other contingencies. The turnover for the year yielded a gross profit, of £11,987, as against £11.273 for 1937-28. and the net profit amounted to £2193. The directors recommend a dividend at the rate of 5 per coat on paidun capital, free of income tax and social security tax, which will take £2l in and will leave £4ll to carry forward. Comparative figures taken from this year’s and last, year’s balance sheets are given below: — Liabilities 1938 1939 £ £ Paid capital .. ■ • 42,210 42.214 Secured creditors .. 5-304 5,434 Bank .. ■ • • • 10.053 14.340 Unsecured creditors .. 7,500 7.548 Reserves .. • • 11,587 11,587 Assets Land and buildings .. 44,861 44,261 Shop fittings .. . . 3.849 4,240 Stock in trade .. .. 28.385 32.318 Other figures which may be interesting to shareholders and general readers include the following-: Gross profit 11.273 11,987 Business expenses .. 8.897 9,544 Directors' fees . • 250 250 Net profit .. .. 2.126 2.193 Dividend .. .. 2,110 2,110 Directors who retire -by rotation are Dr. A. L. Singer and Mr. H. E. Bright, both of whom are eligible for re-election.